Financial Highlights

3 Months Ended

Mar. 31, 2025

The following are financial highlights for common shares outstanding during the three months ended March 31, 2025 (in thousands, except share and per share amounts):


	For the Three Month Ended March 31, 2025
Per share data: (1)
Net asset value, beginning of period	$	15.76
Net investment income (loss)	0.37
Net change in unrealized appreciation (depreciation)	0.12
Net increase (decrease) in net assets from operations	0.49
Distributions declared (2)	—
Total increase (decrease) in net assets	0.49
Net asset value, end of period	$	16.25
Shares Outstanding, end of period	18,030,278
Total Return (3)	3.11		%
Ratios
Ratio of net expenses to average net assets (4)	15.34		%
Ratio of net investment income (loss) to average net assets (4)	9.61		%
Portfolio turnover rate (5)	2.12		%
Supplemental Data
Net Assets, end of period	$292,981
Weighted average shares outstanding	$	15,077,388
Total capital commitments, end of period	$	470,350
Asset coverage ratio	180.30		%
Ratio of total contributed capital to total committed capital, end of period	60.44		%

(1)Per share amounts are calculated based on the weighted average shares outstanding for the three months ended March 31, 2025.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9. Distributions and Dividend Reinvestment).

(3)Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period.

(4)Amounts are annualized. For the three months ended March 31, 2025, the ratio of total operating expenses to average net assets was 15.34%.

(5)Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the period reported.